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In the March 2024 State of the Union Address, President Biden introduced a $10,000 first-time home buyer tax credit. The credit amends the IRS tax code to give first-time home buyers up to $10,000 in refundable federal tax credits. It makes homeownership more affordable for low- and middle-income Americans. As of today, this bill has yet to become law.

The $10,000 First-Time Home Buyer Tax Credit is among the more likely first-time buyer programs to pass into law because it has precedent. The program modifies the tax code that is left over from the 2009 Obama-era $8,000 First-Time Homebuyer Tax Credit, which more than 2.6 million renters used to buy their first home. The needs of today’s buyers are different compared to the Obama-era program. Still, the market shows similarities.

1. Not enough new construction homes available for purchase
2. Challenges with home affordability
3. Fewer opportunities to build wealth through real estate

In its last election cycle, the Biden Administration pledged to make homes more affordable, increase wages among low-earning households, and reduce wealth gaps due to race. The First-Time Home Buyer Tax Credit meets all three criteria.

Dan from Homebuyer.com explains everything you need to know about this $10,000 tax credit: who can get it, how to apply, and how it differs from other first-time buyer programs.

TIMESTAMPS
0:00 Introduction to the $10,000 Tax Credit Program
1:47 Mortgage Relief Credits & Paths To Homeownership
4:12 How The $10,000 Home Buyer Tax Credit Works
7:03 Retroactive Start Dates & Other Questions
9:20 More First-Time Home Buyer Programs Announced
10:42 Outro

ABOUT OUR CHANNEL
Homebuyer.com is the mortgage company for first-time home buyers, and this is our YouTube. This channel provides straightforward advice for first-time home buyers about mortgages, real estate, first-time home buyer programs, and more. We cover important topics, including how to get approved for a low-down payment mortgage, how to get a better mortgage rate, and the grants and programs for first-time buyers today.

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Homebuyer.com is powered by Novus Home Mortgage, a division of Ixonia Bank, NMLS 423065. www.nmlsconsumeraccess.org The content in this advertisement is for informational purposes only. Homebuyer.com is located at 230 Findlay Street, Cincinnati, Ohio 45214. Call Homebuyer.com at 513-824-8171. Novus Home Mortgage, a division of Ixonia Bank, is located at 20225 Water Tower Blvd, Suite 400, Brookfield, WI 53045. Reach Novus Home Mortgage by phone at 844-337-2548. We have no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture, or any other government agency. US Government agencies have not reviewed this information, and this site is not connected with any government agency. Equal Housing Lender. Mortgage applicants are subject to credit and underwriting approval. Not all applicants will be approved for financing. The receipt of an application does not represent approval for financing or an interest rate guarantee. Restrictions may apply, contact Homebuyer.com for current rates and more information. All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Homebuyer.com does not guarantee the quality, accuracy, completeness, or timeliness of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Third parties may have provided some information in the publication, which Homebuyer.com has not necessarily verified. Homebuyer, its affiliates, and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.

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